COURT STRIKES OUT N12.3BN EFCC CHARGE AGAINST HONEYWELL CHAIRMAN OTUDEKO AFTER SETTLEMENT WITH FIRST BANK
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By Aishat Momoh. O.
The Federal High Court sitting in Lagos on Wednesday struck out the N12.3 billion fraud charge filed by the Economic and Financial Crimes Commission (EFCC) against the Chairman of Honeywell Group, Oba Otudeko, and three others, following an out-of-court settlement with the nominal complainant, First Bank of Nigeria.
The EFCC’s counsel, Rotimi Oyedepo (SAN), informed the court that the matter had been amicably resolved, prompting the Attorney General of the Federation (AGF) to approve the withdrawal of the charges.
Otudeko’s counsel, Bode Olanipekun (SAN), confirmed that all outstanding issues had been settled, and that the first defendant had fully repaid the funds at the heart of the matter.
Oyedepo told the court, presided over by Justice Chukwujekwu Aneke, that the resolution had been formally communicated to the AGF through a series of letters from both First Bank and Otudeko’s legal team.
“In the interest of justice and to prevent abuse of court process, the Attorney General has decided to discontinue the prosecution,” Oyedepo submitted, citing Section 180 of the Administration of Criminal Justice Act (ACJA).
According to him, First Bank formally withdrew its complaint in a letter dated July 16, 2025, affirming that the dispute had been resolved and the funds fully recovered. A follow-up letter dated July 21 reiterated the bank’s position and requested the discontinuation of the case.
Counsel to the other defendants, including Adeyinka Olumide-Fusika (SAN) for former First Bank MD Olabisi Onasanya, Tunde Afe Babalola (SAN) for Soji Akintayo, and Charles Adeogun-Phillips (SAN) for Anchorage Leisure Limited, all confirmed that the matter had been settled amicably.
In a brief ruling, Justice Aneke struck out the 13-count charge, thereby bringing the case to a close.
The EFCC had initially accused the defendants of conspiring to fraudulently obtain N12.3 billion from First Bank by misrepresenting the funds as credit facilities sought by V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.
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